Ithaca Energy Inc. reports fourth quarter 2012 production results and provides guidance on the Company's planned 2013 production and capital expenditure programme.

Highlights

• Q4-2012 net average export production, including net production from the Cook and MacCulloch field interests being acquired from Noble Energy Inc. (the "Noble Assets"), was 6,631 barrels of oil equivalent per day ("boepd"), within the Company's guidance range for the quarter. • Net average export production for 2013 is forecast to be in the range of 6,000 to 6,700 boepd, including the net contribution anticipated from the Noble Assets. • The Company's 2013 capital expenditure programme is focused on execution of the Greater Stella Area ("GSA") development and is anticipated to total US$360 million, which will be funded from existing financial resources.

Q4-2012 Production

Total net export production in the quarter, including net production from the Noble Assets, was 610,070 barrels of oil equivalent ("boe"), resulting in an average rate of 6,631 boepd, with approximately 90% being oil production. This represents a 31% increase on production in the third quarter of 2012 (Q3-2012: 5,061 boepd) and is within the Q4-2012 guidance range issued by the Company of 6,300 to 6,900 boepd.

Production in the quarter came from the operated Athena, Beatrice, Jacky and Anglia fields, the non-operated Cook, Broom and Topaz fields and the Noble Assets. The effective date of the Noble Assets acquisition is 1 January 2012, with completion anticipated to occur in Q1-2013.

Tags: Ithaca Energy Inc.